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TaXavvy Issue 02/2021

In this issue:

 
Filing Programme for Year 2021

The Inland Revenue Board (IRB) has issued the Filing Programme for Year 2021. The filing programme outlines the statutory filing and tax payment due dates, grace period and method of submission for the various return forms.

Practice Note 4/2020 - Clarification on Determining the Gross Income from Business Sources

The IRB has issued Practice Note 4/2020 dated 21 December 2020 - Clarification on Determining the Gross Income from Business Sources of Not More Than RM50 Million of a Company or Limited Liability Partnership (“PN 4/2020”).  

PN 4/2020 replaces Practice Note 3/2020 dated 18 May 2020 of the same title.

Deductions not allowed for payment made to a Labuan company - Amendment Rules

The Income Tax (Deductions Not Allowed for Payment Made to Labuan Company by Resident) Rules 2018 (Amendment) 2020 has been issued, legislating the revised deductibility rates for payments made to a Labuan company by a resident.  

Labuan substantial activity requirements - Amendment Regulations

Pursuant to LIC Pronouncement 2-2019 and its clarification, and LIC Pronouncement 3-2020, the Labuan Business Activity Tax (Requirements for Labuan Business Activity) 2018 (Amendment) Regulations 2020 has been issued and is effective from 1 January 2019. 

 Stamp Duty Exemption Orders - Budget 2021 proposals and others

Following the Budget 2021 proposals, the following gazette orders have been issued:

  • Stamp Duty (Exemption) (No. 5) 2013 (Amendment) Order 2020
  • Stamp Duty (Exemption) (No. 6) 2013 (Amendment) Order 2020
  • Stamp Duty (Exemption) (No. 5) 2018 (Amendment) Order 2020
  • Stamp Duty (Exemption) (No. 2) 2017 (Amendment) Order 2020

Other stamp duty exemptions:

  • Stamp Duty (Exemption) (No. 7) Order 2020
  • Stamp Duty (Exemption) (No. 8) Order 2020
Deduction of renovation and refurbishment costs

Pursuant to the Short-term Economic Recovery Plan (PENJANA), the Income Tax (Costs of Renovation and Refurbishment of Business Premise) Rules 2020 has been issued and is effective from YA 2020. 

Gazettes in relation to approved food production incentives

Pursuant to the Budget 2016 proposals, the following gazettes in relation to approved food production projects have been issued: 

  • Income Tax (Exemption) (No. 6) Order 2020
  • Income Tax (Deduction of Investment in New Food Production Project or Expansion Project) Rules 2020
Automation capital allowance for services sector - MIDA guideline

Following the Budget 2020 proposal to expand the automation capital allowance (ACA) incentive to the services sector, MIDA has issued its guideline dated 1 January 2020 in relation to the ACA for services sector. The guideline outlines the incentive, the application procedures, processes, documents and eligibility conditions. 

Guidelines for claiming incentives for upstream petroleum industry

The IRB has amended its Guideline for claiming incentives for upstream petroleum industry under the Petroleum (Income Tax) Act 1967 (Amendment) (“the Guideline”) dated 30 December 2020. The Guideline replaces the earlier guideline of the same title dated 22 May 2014. 

TaXavvy is a newsletter issued by PricewaterhouseCoopers Taxation Services Sdn Bhd. While every care has been taken in compiling this newsletter, we make no representations or warranty (expressed or implied) about the accuracy, suitability, reliability or completeness of the information for any purpose. PricewaterhouseCoopers Taxation Services Sdn Bhd, its employees and agents accept no liability, and disclaim all responsibility, for the consequences of anyone acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. Recipients should not act upon it without seeking specific professional advice tailored to your circumstances, requirements or needs.

 

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